Trump vs. Clinton: Economic Tax Plans

Dawn J. Bennett, host of Financial Myth Busting with Dawn J. Bennett, recently interviewed Gerard Lameiro, an author, economic, philosopher, and engineer. Lameiro is the former founder and CEO of Lameiro Economics LLC, a company committed to promoting practical economic knowledge about freedom, economic growth, and prosperity nationally and worldwide. In his interview with Dawn J. Bennett, he discusses his view point on the economic tax plans of the presidential candidates.

According to Lameiro, Hilary Clinton’s plan is to raise taxes, while Donald Trump’s is to cut taxes. The two plans are about as opposite as they get. He explained that Clinton plans to raise personal income taxes by capping itemized deductions about $350 billion over a ten year period, as well as increasing corporate taxes by $275 billion, though there are not many details available.

Additionally, Clinton is planning a $400 billion fairness tax change. Though not clearly defined, she would have a fair share surcharge, which sounds like she’ll be taxing the rich and adding that to the general fund somehow so it can be spent on other things, Lameiro said. For death taxes, she might raise them, but they definitely won’t be lowered. Clinton would also increase capital gains taxes and the brackets associated with them, but there isn’t a firm estimate on how much revenue that would generate, according to Lameiro. He also pointed out that she would create new tax on stock trades, in which those who buy and sell stocks are going to pay a percentage.

He continued, “Then a new creation, the exit tax, which has to do with businesses who earn income overseas. She would not touch the currently high corporate tax structure and that, but she would add on this new exit tax. In addition, she has also endorsed, or said she is open to, a 25 percent national gun tax. I’m sure the NRA will love that one. And a high soda tax, which is interesting.”

Lameiro said he doesn’t endorse either candidate. His personal point of view is to see pro-growth and a solid constitutional conservative.  He is in favor of fiscally restrained policies, such as doing things that moderate corporate taxes and pulling back on regulations like ObamaCare, he said.

“I do not have such a person currently running that I know of, unless possibly the libertarian and that,” Lameiro said. “But I think Trump is somewhat of an unknown quantity, and he doesn’t have a real defined track record in either economics, or virtually any other area of the government, and Clinton does have a record which I don’t particularly like.”

He continued, “I think her long term record is not pro-growth. I would expect more progressive socialist type programs and policies, and I think that’s already doing a bad number on our economy. I think we have the weakest recovery in decades, generations, and I think this tax plan would probably result in literally trillions of dollars that would not be met with her budget expense that is likely to occur.”